Many Texas residents believe that trust is important for a successful marriage. Marriage parents frequently trust each other with financial assets, which is why it can be difficult for a spouse to imagine that their partner is hiding away money in preparation for divorce.
The stereotype many people have is that of a wealthy husband putting money into offshore accounts so that he does not have to pay as much to his spouse after the divorce. In modern society, the reality is quite different. In many marriages, the wife earns as much, if not more, than her husband. Husbands who may have grown up with the prevailing stereotype of how finances are handled during a divorce could be blind to the fact that the wife is actually hiding away money in preparation for divorce.
A potential warning sign, especially if the marriage is on the rocks, is a spouse’s sudden interest in paying creditors or paying the IRS. Overpaying a creditor is a sly way of storing money away: Once the divorce has been finalized, the creditor can be asked for a refund.
Another red flag is a spouse who suddenly becomes interested in art. A spouse may come home and say that they purchased a piece of art from a thrift store for $20. However, the real value of the art may be thousands of dollars. Husbands should be especially wary if the wife is adamant about keeping the thrift store art after the divorce.
Hiding assets during a divorce is nothing new, and it’s something that is done by both men and women. This is why when an individual is faced with a divorce, one of the first calls they should make is to a family law attorney. An attorney may be able to advise their client on things like property division, asset valuation, shared accounts and other financial issues that could arise during the divorce process.